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13 June, 2024
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Half of Cypriots find starting a business easy, survey shows

GEM survey reveals confidence in entrepreneurial skills despite decreased perception of opportunities


Half of Cypriots consider starting a business easy, and more than half believe they possess the necessary skills for successful entrepreneurship, according to the 'Global Entrepreneurship Monitor' (GEM) survey results presented at the University of Cyprus on Friday.

Cyprus participated in the GEM survey for the seventh consecutive year. The University of Cyprus highlighted the importance of this participation, noting it provides valuable comparative data on entrepreneurship and positions Cyprus on the global entrepreneurship and innovation map.

The GEM survey, based on responses from over 2,000 Cypriots, paints an encouraging picture of the country's business climate. According to a UCy press release, 52.7% of respondents believe they have the skills required for successful entrepreneurship, while 48.4% think starting a business is easy. However, only 26.8% see business opportunities in their area, a significant 23.4% decrease from the previous year.

The survey also reveals that 82.4% of Cypriots know an entrepreneur, indicating a growing familiarity with entrepreneurship. Despite this, half of the population reports a "fear of failure," attributed to a cultural lack of entrepreneurial and risk-taking attitudes.

The advanced-stage entrepreneurship index has dropped from 8.6% to 5.7% compared to the previous year. Early-stage entrepreneurship (businesses

Cyprus' business ecosystem strengths include physical infrastructure, commercial and service infrastructure, and favorable government policies on taxes and bureaucracy.

Following the survey presentation, a round table discussion on "Women's Participation in Early Stage Entrepreneurship in Cyprus" was moderated by Associate Professor Alexia Panayiotou, UNESCO Chair for Gender Equality and Women's Empowerment at the University of Cyprus. The discussion highlighted issues such as the gender gap in entrepreneurship, support for family infrastructure, and the heightened societal pressure women face regarding the fear of failure.

[With information from CNA]


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